Sequenom makes hostile offer for Exact Sciences

By Associated Press
January 14, 2009 | Comments (0)

Recs

0

Genetic analysis product maker Sequenom Inc. offered a hostile bid for colon cancer test developer Exact Sciences Inc. Wednesday, two days after the board of Exact Sciences rejected a buyout offer from Sequenom.

Sequenom offered to buy Cambridge, Mass.-based Exact Sciences on Friday for $41 million, or $1.50 per share, hoping to gain the company's intellectual property and use it to develop cancer diagnostic products. The board of Exact Sciences said it is pursuing another, more valuable option.

San Diego-based Sequenom did not change the terms of its all-stock offer, but is now making its pitch directly to shareholders.

Shares of Exact Sciences rose 7 cents to $1.57 Tuesday, suggesting investors may expect an increased offer. Sequenom stock finished at $23.74.

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

TD AMERITRADE
more info
ShareBuilder
more info
Power E*Trade

more info
Scottrade
more info
Fool Disclosure

DocumentId: 809824, ~/Articles/ArticleHandler.aspx, 11/9/2009 2:23:17 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

The Must-Read Story on Fool.com
Which Companies Can Buy It Like Buffett?

By The Motley Fool

Which Companies Can Buy It Like Buffett?

Related Tickers

11/6/2009 4:00 PM
EXAS $2.63 Up +0.02 +0.77%
EXACT Sciences Cor… CAPS Rating: *****
SQNM $3.21 Up +0.09 +2.88%
Sequenom, Inc. CAPS Rating: ***

Community: Investing Wiki

Term Of The Hour

Speculation: Speculation is a risky bet that could have a large payoff if it works out. The speculative investor attempts to profit from the price fluctuations of real estate, commodities, stocks, or any other type of investment that stands to churn out a profit.

Want to learn more or edit this definition?
Click here to read more!